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Dec 31, 2012
12/12
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this started out as a discussion about cutting the debt, cutting the deficit and now what's going to happen is th smallest plans on the table are going to-- are not really going to cut the deficit in the long run and don't have major spending cuts and i noticed at one point when he was asked about the sequester, not just the tax side, but the automatic spending cuts about to kick in. he said if we raise revenue by the wealthy paying more, that would be sufficient to turn off this request or what's called the automatic spending cuts and that's what republicans have been suggesting if he raises more revenue raising taxes on the rich, he's not going to put it towards the deficit, but the president kind of suggested that today. >> and a question from the beginning and it's your segment, go ahead. >> i've been on the show for ten seconds, by first time on the "the five", you've interrupted me and contradicted me. >> there will be plenty more time for that, and welcome to "the five", and bob beckel. >> can i ask my question of ed. because ed, you mentioned that i had experience in dealing
this started out as a discussion about cutting the debt, cutting the deficit and now what's going to happen is th smallest plans on the table are going to-- are not really going to cut the deficit in the long run and don't have major spending cuts and i noticed at one point when he was asked about the sequester, not just the tax side, but the automatic spending cuts about to kick in. he said if we raise revenue by the wealthy paying more, that would be sufficient to turn off this request or...
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Dec 26, 2012
12/12
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it will add to what is already shaping up as a large production deficit. it's interesting, because in the middle of the year, they were saying 2013 we were going to have a big production surplus. doesn't look like it's going to go that way. however, it would be a help. this is not another gold or silver from the standpoint of causing a super explosion, in my opinion. >> what about oil, gas, the other liquids? >> i don't like natural gas. natural gas has kind of been a favorite because its long term prospects are excellent. if you ask me two, three, five years from now, i would be very bullish. right now we have record supplies. weather doesn't look that great. at least for the first part of the year, i don't particularly like it. now, crude oil over supplied market, more than abundant supply but i'm bullish. there's too much going on geopolitically. if we do have even this modest improvement in global demand for industrial commodities we talked about in copper, we will see that translate. i would not be short crude. i would be looking to buy weakness in cr
it will add to what is already shaping up as a large production deficit. it's interesting, because in the middle of the year, they were saying 2013 we were going to have a big production surplus. doesn't look like it's going to go that way. however, it would be a help. this is not another gold or silver from the standpoint of causing a super explosion, in my opinion. >> what about oil, gas, the other liquids? >> i don't like natural gas. natural gas has kind of been a favorite...
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Dec 30, 2012
12/12
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KPIX
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might look like but will it actually do anything to cut the deficit? and what happens nay don't get a deal? we'll hear from two senators who have been working together on deficit reduction, assistant majority leader dick durbin of illinois, and senator tom coburn of oklahoma. then we'll look forward to 2013 with an all-star panel include peggy noonan of the "wall street journal." dee dee myers of "vanity fair." "time" magazine's executive editor michae michael duffy, and also "time" columnist joe klein. and we'll hear from major garrett and nancy cordes. >> you going to get a deal today, sir? >> hope so. >> o'donnell: it's all ahead because this is "face the nation." captioning sponsored by cbs from cbs news in washington, "face the nation" with bob schieffer. substituting for bob schieffer, cohost of "cbs this morning," norah o'donnell. >> o'donnell: good morning, again. tom coburn and dick durbin are here, and we'll turn to both of you in just a moment. but we want to start with some new information from chief white house correspondent major garrett
might look like but will it actually do anything to cut the deficit? and what happens nay don't get a deal? we'll hear from two senators who have been working together on deficit reduction, assistant majority leader dick durbin of illinois, and senator tom coburn of oklahoma. then we'll look forward to 2013 with an all-star panel include peggy noonan of the "wall street journal." dee dee myers of "vanity fair." "time" magazine's executive editor michae michael...
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Dec 29, 2012
12/12
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this is not a deficit reduction deal that will stabilize the debt to gdp ratio and that has to be -- that has to be one of the goals of a broader deal that now we're probably going to be looking for on the other side of the cliff. >> yeah. i don't know. it doesn't seem to be any part of the president's goal. jared, good to see you always. jimmy, you, too. we'll get you guys back in just a few minutes. we'll get you to the roundtable if you haven't had enough yet. what will it mean for banks? new analysis shows that the expiration ever tax cuts will improve bank savings in 2013, by, listen to this, 54%. in other words, people will need to pull their cash savings out to pay for higher taxes. here now is dan geller, executive vice president of market rates insight. dan, good to have you here. walk me through this math. you're saying the average american is going to put 54% less into savings this year because if we go over the fiscal cliff? explain. >> yeah. let's go back, michelle because the amount of taxation on an average household is effort mated at $2600, and right now the average
this is not a deficit reduction deal that will stabilize the debt to gdp ratio and that has to be -- that has to be one of the goals of a broader deal that now we're probably going to be looking for on the other side of the cliff. >> yeah. i don't know. it doesn't seem to be any part of the president's goal. jared, good to see you always. jimmy, you, too. we'll get you guys back in just a few minutes. we'll get you to the roundtable if you haven't had enough yet. what will it mean for...
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Dec 27, 2012
12/12
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CNBC
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direct limb reply indicated in the fiscal cliff talks but it is relevant to the larger issue of debt and deficits. the treasury can move money around in certain ways to extend the point where we actually reach a crisis for probably a couple of months. but this is an early warning sign. secondly, republicans in the house sent word to democrats in the senate, white house, it is your turn now. we acted to put off the fiscal cliff several months ago with a bill that without objection tend all of those bush tax rates into the future and would turn off the sequester by switching defense cuts over to domestic programs. democrats, of course have no intention of doing that. especially after president obama won the election. senate democratic leadership aide tells me that will remains a 50/50 chance we will get a mini deal temporary extension of tax cuts under $250,000 before the january 1 deadline when we would go over the cliff. will are no assurances of that. a white house official told me as president obama prepares to fly back to conduct and participate in the negotiations at the end, there has been n
direct limb reply indicated in the fiscal cliff talks but it is relevant to the larger issue of debt and deficits. the treasury can move money around in certain ways to extend the point where we actually reach a crisis for probably a couple of months. but this is an early warning sign. secondly, republicans in the house sent word to democrats in the senate, white house, it is your turn now. we acted to put off the fiscal cliff several months ago with a bill that without objection tend all of...
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Dec 28, 2012
12/12
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i'm shaving a little bit off of this year's deficit. we're going to have fiscal problems for as far as the eye can see, an here's where an investor, a smart investor is going to want to diversify, especially into things like tangible assets like gold. >> you're going to make the case for gold here, which, you know, has had a heck of a run for the last decade or so, but it has started to show signs of wear and tear. what would propel gold from here necessarily? >> well, two things that i would have your viewers take a look at. the first is the reason why gold has kind of flattened out at about 1650 or so is because a huge amount of supply has come on the market. there's a lot of profit-takers who are worried about increased taxes next year. as you said, they have made a lot of money on gold, so they are selling it right now and locking in those profits. the other thing to look at that very few investors have caught on to but when i was at the mint we studied this, gold demand and gold prices correlate very well with the national debt cei
i'm shaving a little bit off of this year's deficit. we're going to have fiscal problems for as far as the eye can see, an here's where an investor, a smart investor is going to want to diversify, especially into things like tangible assets like gold. >> you're going to make the case for gold here, which, you know, has had a heck of a run for the last decade or so, but it has started to show signs of wear and tear. what would propel gold from here necessarily? >> well, two things...
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Dec 24, 2012
12/12
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doesn't contribute to the deficit. and we're talking about the deficit. why should social security be discussed in that context? >> completely off the table? >> absolutely. absolutely. and that was the -- and that was our position during the campaign. social security has nothing to do with the deficit. does not contribute to it. walled off from it. its own trust fund with $2.7 trillion in it at the moment. and the american people by huge majorities say we shouldn't be cutting social security or for that matter medicare benefits. you can cut medicare in ways you don't cut benefits and the hypocrisy of republicans that said that democrats are terrible because they took $716 billion from medicare for obama care and what do we want to do? pocket the cuts and add more. our chief demand is entitlement cuts. medicare and social security. >> talk about the debt ceiling and where this is played in to this conversation. that is coming up in february or supposed to come up in february. john boehner made the offer to take it off the table for a year but i want to sho
doesn't contribute to the deficit. and we're talking about the deficit. why should social security be discussed in that context? >> completely off the table? >> absolutely. absolutely. and that was the -- and that was our position during the campaign. social security has nothing to do with the deficit. does not contribute to it. walled off from it. its own trust fund with $2.7 trillion in it at the moment. and the american people by huge majorities say we shouldn't be cutting social...
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Dec 30, 2012
12/12
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we still have the looming 16 trillion plus budget deficit. remember that? and the politicians they are taking their time on that as well. we will ask house budget committee member south carolina republican congressman when joins us live later this hour. he is worried that the talks have not addressed spending. so we have to address that. >> breaking news now in the benghazi terror attacks in libya. president obama this morning told "meet the press" the u.s. now has some "very good leads" about who carried out the deadly strike. >> there was sloppiness, not intentional in terms of how we secure embassies in areas where you essentially don't have governments that have a lot of capacity to protect the embassies. so we are are doing a thorough review. not only will we implement all of the recommendations that were made but we will try to do more than that. with respect to who carried it out, that is an ongoing investigation. the fbi has sent individuals to libya repeatedly. we have some very good leads, but this is not something that i'm going to be at liberty
we still have the looming 16 trillion plus budget deficit. remember that? and the politicians they are taking their time on that as well. we will ask house budget committee member south carolina republican congressman when joins us live later this hour. he is worried that the talks have not addressed spending. so we have to address that. >> breaking news now in the benghazi terror attacks in libya. president obama this morning told "meet the press" the u.s. now has some...
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Dec 30, 2012
12/12
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i think there is a deficit there of very broad-minded leadership, and there is certainly a deficit of trust between the congress and the president, and 20 republican in congress and the democrats. so plenty of fault to go around. >> o'donnell: dee dee, what about that? mitch mcconnell, who is really now at the heart of make something sort of deal today about how far he can take republicans, he says the president called him last week. it was the first time he's talked to the president since november 16. why is-- is there something the president is responsible for that he's not reached out enough to republicans and established that kind of trust that there has been lacking? >> look, i would have liked to have seen the president do more reaching out during the entirety of his first term. keep in mind, the president has been negotiating with john boehner, and that was the agreed upon format. he's been in conserves with him, and when push comes to shove, boehner cannot get these deals done in his caucus. the big change is not in the white house. it's in the culture of congress. it has beco
i think there is a deficit there of very broad-minded leadership, and there is certainly a deficit of trust between the congress and the president, and 20 republican in congress and the democrats. so plenty of fault to go around. >> o'donnell: dee dee, what about that? mitch mcconnell, who is really now at the heart of make something sort of deal today about how far he can take republicans, he says the president called him last week. it was the first time he's talked to the president...
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Dec 30, 2012
12/12
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david gregory challenged obama on some points but made $1 trillion in cuts, he also vowed to cut the deficit in half in 2009. that has not happened. >> compared david gregory we saw at the top of the show waving that magazine at wain lapierre. this was a low-key interview. >> meek and weak. i didn't find david gregory, i think he lost his punch over this short-lived vacation. a number of points he didn't press the president hard enough. >> the president gave short answers. >> but there's really no excuse. >> the pomp and the ceremony. on the other hand, and you've had experience covering barack obama going back to chicago, it can be hard to interrupt during an incumbent president during an interview. >> it is. obama had the home court advantage. david had it in that more aggressive interview and now, l i'll say this quickly. way back in the day when obama united states senator and there was a press conference and i asked a question and he was giving it a very long answer, in my view, and i cut him off and, boy, did i get thumped from him for cutting him off. i don't know -- >> he complained
david gregory challenged obama on some points but made $1 trillion in cuts, he also vowed to cut the deficit in half in 2009. that has not happened. >> compared david gregory we saw at the top of the show waving that magazine at wain lapierre. this was a low-key interview. >> meek and weak. i didn't find david gregory, i think he lost his punch over this short-lived vacation. a number of points he didn't press the president hard enough. >> the president gave short answers....
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Dec 31, 2012
12/12
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debt or the deficit, and they're unwilling to do anything. dan is completely wrong. speaker boehner is not prepared to make a deal. you know, he's not the host of "let's make a deal." he's completely incapable of making a deal. and look, i think we're headed over the fiscal cliff because, again, i don't think the republican party is serious about playing an important role in governing this country. >> now, i don't necessarily disagree with you, but let me push back a little bit, and then i'll let dan jump in. >> sure. >> look, the argument i'm hearing -- and i don't know what cuts the president is offering to the republicans -- but why doesn't he offer more? why doesn't he give them -- i mean, anything more that he offers would be better than going over the fiscal cliff. why can't we get to something? why can't he give enough significant cuts that would make some of these republicans in districts that will really have problems when they go back to win re-election, if they raise taxes, give them some sort of incentive. give them some serious c
debt or the deficit, and they're unwilling to do anything. dan is completely wrong. speaker boehner is not prepared to make a deal. you know, he's not the host of "let's make a deal." he's completely incapable of making a deal. and look, i think we're headed over the fiscal cliff because, again, i don't think the republican party is serious about playing an important role in governing this country. >> now, i don't necessarily disagree with you, but let me push back a little bit,...
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Dec 29, 2012
12/12
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LINKTV
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the 75% tax rate was part of the socialist government's platform for bringing down the budget deficit. he came to power in may promising to levy the tax on those earning more than a million euros per year, $1.3 million. the tax would affect about 1500 high earners. the constitutional council which oversees all legislation it said the new law was not fair because it applies to individuals and not households. the french prime minister said the government would introduce a new version of the law. >> we will implement measures to respect the commitment of the president of the republic. it will take into account the rejection of the constitutional council and apply the 2013 incomes and will have to be voted. >>> in macedonia, thousands of protesters gathered outside of the headquarters of the right wing ruling party, demanded the prime minister's resignation. the rally is a combination of days of protests that began last week when the opposition was ejected from parliament after a disagreement over next year's budget. we have this report from the capital. >> a march against the government
the 75% tax rate was part of the socialist government's platform for bringing down the budget deficit. he came to power in may promising to levy the tax on those earning more than a million euros per year, $1.3 million. the tax would affect about 1500 high earners. the constitutional council which oversees all legislation it said the new law was not fair because it applies to individuals and not households. the french prime minister said the government would introduce a new version of the law....
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Dec 29, 2012
12/12
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tom: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing capital gains and dividends, reinstate that and get rid of $109 billion in rporate taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close to fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in four years whe
tom: will that tax solve the deficit spending? >> it will if you include 2%, 250,000 for couples, 200,000 for individuals and above. you start taxing capital gains and dividends, reinstate that and get rid of $109 billion in rporate taxes every year. you're looking it over $300 billion. ." tom: upside-down by trillion closet -- a trillion dollars. not even close to fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class...
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Dec 29, 2012
12/12
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FBC
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not even close fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope that the blame game can be put aside so they can get some work done? in the private sector these people would be fired. >> absolutely. this is a do nothing congress, the least active in fur years when it comes to policy making, and the reason we are here is that the delay decisions for the past two years. i do think that something will happen because if it doesn't the consequences will be so severe in the next year again over 9 percent unemployment and a significant slowdown in an already slow economy. tom: but the blame game, who is going to g
not even close fixing the deficit spending. still adding to the debt under republican and democrat programs >> this kind of class warfare rhetoric is serving a purpose. the reality is the proposed tax increases will fund the federal government for approximately eight days. it might make people feel good and that's a reason to pass it. frankly, i don't hear any politicians talking reality but the fiscal problems facing the country which is democrat or republican. tom: do you have any hope...
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Dec 28, 2012
12/12
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CSPAN2
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so they didn't show as a deficit. a vendor ackley to the debt. so while the budgets were reasonable in that period of time, the actual spending didn't show in the budget and people didn't pay as much attention to the debt as they do today because it kept mounting and so we borrowed to pay for the war and in fact we didn't ask people to make sacrifices financially. >> there is a difference between borrowing in the future, paying for work and paying back words, we are having to pay right now. people might have felt differently if they had felt the pinch right at that time. we would have asked different questions and were asked, and i think that is one of the reasons we got where we are. and it's where we are. >> on appropriations could you have been any more vocal about it to provide us getting into this situation? >> welcome on was vocal about it. i don't know. when i got on the appropriations committee and became the chairman of the legislative branch all of the buildings, library of congress, congressional budget office, the cattle cars, office
so they didn't show as a deficit. a vendor ackley to the debt. so while the budgets were reasonable in that period of time, the actual spending didn't show in the budget and people didn't pay as much attention to the debt as they do today because it kept mounting and so we borrowed to pay for the war and in fact we didn't ask people to make sacrifices financially. >> there is a difference between borrowing in the future, paying for work and paying back words, we are having to pay right...
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Dec 31, 2012
12/12
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at the moment we will have a fairly modest amount of deficit reduction. maybe even none at all. mixed with a fairly bad economic impact from the fiscal cliff. kicking some of the sequester down the road would be a good idea but it's the same disagreements keeping us from doing that that has kept us from getting a bigger deal. >> where we are right now and what we know about this, sam, is it clear whether one side gave more than the other? >> you know, it's just the first chapter of a several-chapter book here because now we're going to have to deal with the debt ceiling fight and republicans have been calculating that they want to extract some concessions from the white house on that. that can't be considered separate from what we're talking about today. of course, we have to do the sequestration and what will happen with those cuts. so it's too early to tell who wins, who loses. i'll add to ezra, the big losers i guess are us, and me in particular standing out here in the cold on new year's eve over a manufactured crisis. >> there are a lot of us who did not expect to be here a
at the moment we will have a fairly modest amount of deficit reduction. maybe even none at all. mixed with a fairly bad economic impact from the fiscal cliff. kicking some of the sequester down the road would be a good idea but it's the same disagreements keeping us from doing that that has kept us from getting a bigger deal. >> where we are right now and what we know about this, sam, is it clear whether one side gave more than the other? >> you know, it's just the first chapter of...
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Dec 30, 2012
12/12
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and this was all supposed to be an exercise in bringing down our deficit and our long-term debt and where we are right now, it doesn't appear that we are getting that done and even more importantly, it appears that republicans are still trying to protect the tippy top as opposed to looking after the greater good of the economy and middle class families. >> as far as you-all were told by the democratic leader, where do you think stands -- things stand right now? >> i think that there is a difference in terms of what we think the rates should be for -- and at what point there should be a tax cut and at what point there should be a little revenue that we should collect. there is a difference there. there was a difference about whether or not we should be looking at the social security issue in this discussion. my understanding now the republicans have backed off now, correct, and we are looking at whether or not we are going to end up with deficit and debt reduction and whether or not the changes the republicans are insisting upon are going to comes on the backs of the middle class. >>
and this was all supposed to be an exercise in bringing down our deficit and our long-term debt and where we are right now, it doesn't appear that we are getting that done and even more importantly, it appears that republicans are still trying to protect the tippy top as opposed to looking after the greater good of the economy and middle class families. >> as far as you-all were told by the democratic leader, where do you think stands -- things stand right now? >> i think that there...
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Dec 25, 2012
12/12
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you said you would cut the deficit in half. it's still four years later, we still have a trillion dollar deficit. >> a roller coaster where for a long time it was thought to be a foregone conclusion the president would win. >> let's not. let's let him respond. >> while mitt romney came on strong, the president's lackluster performance, looking down, scowling, growling, left many democrats stunned. >> they all assumed the fetal position and sobbed in unison. that was terrible. it was hard to watch, but some of the analysis afterwards really exposed some deficiencies in the democratic machine. >> for the republicans, it was arguably the best moment of the whole year for their candidate. >> i don't think his campaign really kicked into high gear until that first debate when he started to get some momentum. >> unfortunately for romney -- ♪ here i am >> it was also the best wake-up call for president obama who came alive in the next two encounters. >> we have to reduce our deficit but we have to do it in a balanced way. >> worst n
you said you would cut the deficit in half. it's still four years later, we still have a trillion dollar deficit. >> a roller coaster where for a long time it was thought to be a foregone conclusion the president would win. >> let's not. let's let him respond. >> while mitt romney came on strong, the president's lackluster performance, looking down, scowling, growling, left many democrats stunned. >> they all assumed the fetal position and sobbed in unison. that was...
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Jan 1, 2013
01/13
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having said that, we still of the deficit issue. we still have a deficit problem. what we tried to establish this morning in this vote, revenue has to be part of the solution. the other side of the aisle reluctantly, after years of resisting, came to our side on this problem. number two, we need to look in entitlements. here is what the facts are. social security can make every promise of payment for 20 years. you cannot say that about any other federal program. on the 21st year, there will be a drop-off of 30% in terms of social security benefits. so, we of 20 years. we can wait to do something, or we can do something soon, maybe even this year, 2013. that is what i would like to see. i am preparing legislation which will call for the creation of a commission with a simple assignment, come up with a plan for a 75 year solvency of social security. when you haven't and it has been certified to be a valid plan, -- have its and it has been certified to be a valid plan, bring it to congress where it can be passed without a filibuster. to haveve this chance this debate
having said that, we still of the deficit issue. we still have a deficit problem. what we tried to establish this morning in this vote, revenue has to be part of the solution. the other side of the aisle reluctantly, after years of resisting, came to our side on this problem. number two, we need to look in entitlements. here is what the facts are. social security can make every promise of payment for 20 years. you cannot say that about any other federal program. on the 21st year, there will be...
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Dec 27, 2012
12/12
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almost every day at the top of the list is deficit. get the deficit under control. until we did it in the 1990's. and why did i have a single- minded focus? i've always understood the most important responsibility of government is the economic security of people. if you do not have your fiscal affairs in order, we learned in the economic downturns in my state that debt can work for you. it can also crush you. i have seen people crashed by -- crushed by debt. my family lived through the great depression in the 1930's and it exacted a terrible toll on the people of my state. i have always been focused on economic growth, economic opportunity, and irresponsible with the resources at hand. -- >> the c.s. becoming like greece? >> no, that is a profoundly -- do you see as becoming like greece? >> that is a profoundly different situation. the congressional budget office says that if we stay on the course we are on, we will have a debt that is 230% of our gross domestic product of the the next 20 years. most experts say once you get a debt of more than 9% of gross domestic
almost every day at the top of the list is deficit. get the deficit under control. until we did it in the 1990's. and why did i have a single- minded focus? i've always understood the most important responsibility of government is the economic security of people. if you do not have your fiscal affairs in order, we learned in the economic downturns in my state that debt can work for you. it can also crush you. i have seen people crashed by -- crushed by debt. my family lived through the great...
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Dec 27, 2012
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got a debt and deficit issue, debt-to-gdp issue way too high, approaching european levels, and we've got to solve it. >> such a pity that is it has to go down to the weather. >> my pleasure. >> the market is senting a happy new year. but now it's down just 16 points. >> feels like we're on thin as i aid with some so are you pouring your money into seconds sis no way. outdorg kay bailey hutchison is with us. kwoind out if she thinks there's room for a deal after the house reconvenes on sunday. stay tuned. [ male announcer ] you are a business pro. omnipotent of opportunity. you know how to mix business... with business. and you...rent from national. because only national lets you choose any car in the aisle. and go. you can even take a full-size or above. and still pay the mid-size price. i could get used to this. [ male announcer ] yes, you could business pro. yes, you could. go national. go like a pro. >>> and there's your green, the doug, s&p and even the s&p are now all slightly in the green now. what happened here as, of course, the dow was down earlier today by nearly 150 points
got a debt and deficit issue, debt-to-gdp issue way too high, approaching european levels, and we've got to solve it. >> such a pity that is it has to go down to the weather. >> my pleasure. >> the market is senting a happy new year. but now it's down just 16 points. >> feels like we're on thin as i aid with some so are you pouring your money into seconds sis no way. outdorg kay bailey hutchison is with us. kwoind out if she thinks there's room for a deal after the house...
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future negotiations and likely future fights about how to deal with paying for a way to bring down the deficit by other kinds of cuts. that's been at the heart of this fight. now, today the house of representatives comes in, they cast a vote, and because the senate vote is so overwhelmingly bipartisan, 89-8, it's hoped that that will have influence in the house to at least get this deal done now with a chance to talk about some of these issues some more in the new congress and in the months ahead. chris? >> kelly o'donnell, thank you. well, all eyes do now turn to the republican-controlled house and speaker john boehner. about two hours before the senate voted, the house leadership said it would take a wait-and-see approach. "decisions about whether the house will seek to accept or promptly amend the measure will not be made until house members and the american people have been able to review the legislation." with me now, "the washington post's" david machimura and steve toma, chief political correspondent for "mclatchy" newspapers. good morning. >> good morning. >> happy new year. >> happy n
future negotiations and likely future fights about how to deal with paying for a way to bring down the deficit by other kinds of cuts. that's been at the heart of this fight. now, today the house of representatives comes in, they cast a vote, and because the senate vote is so overwhelmingly bipartisan, 89-8, it's hoped that that will have influence in the house to at least get this deal done now with a chance to talk about some of these issues some more in the new congress and in the months...
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it doesn't help make lowering future deficits any easier. so there are some things we need to change about the corporate tax code but in general i think we need to realize that if we set our country on the right path making the right investments in technology and education and really making sure we don't cut the necessary programs that can help us do that growth and so we have to make them a priority and perhaps deprioritize other spending areas we will be able to grow with the global economy . manufacturing has already come back to some degree i know that apple computers are actually moving a couple production facilities back to the united states from china. there's a real key is to make sure that we're continuing to invest in those types of investments and help us compete on a global scale. but we should also realize that it helps us when apple can produce their goods in china in a more cheap efficient manner than we could here because american consumers can get i pods and i phones on a much discounted basis from what it would be if we tri
it doesn't help make lowering future deficits any easier. so there are some things we need to change about the corporate tax code but in general i think we need to realize that if we set our country on the right path making the right investments in technology and education and really making sure we don't cut the necessary programs that can help us do that growth and so we have to make them a priority and perhaps deprioritize other spending areas we will be able to grow with the global economy ....
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makes the deficit worse. the real test will been when they can do their jobs and make the hard choices and confront very dangerous debt levels that we currently have in this country that are part of the reason the economy is not growing. it's those hard choices that will be the real test of bipartisanship and the ability to govern. host: let's share with you yesterday how things unfolded. senator john thune spoke with reporters midday yesterday on capitol hill. [video clip] >> those conversations and discussions continue. we remain hopeful that will get a breakthrough. what happened between the two leaders in the senate had broken down, because the senate democrats failed to come forward with a counteroffer to the proposal republicans made last night. host: a late word from "politico" from republican leader mitch mcconnell. let me read to you a story that he and the vice president engaged in "serious overnight negotiations to avert the fiscal cliff, making major progress to a year-end tax deal, giving seven h
makes the deficit worse. the real test will been when they can do their jobs and make the hard choices and confront very dangerous debt levels that we currently have in this country that are part of the reason the economy is not growing. it's those hard choices that will be the real test of bipartisanship and the ability to govern. host: let's share with you yesterday how things unfolded. senator john thune spoke with reporters midday yesterday on capitol hill. [video clip] >> those...
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and the way they agreed to it is they paid down $24 billion on the deficit. remember, congress agreed to these major spending cuts, right? >> that's two months down the road, so even that is kind of a little bit anti-climactic. it is like, my god, the fiscal cliff, the fiscal cliff. we'll deal with it in two months. jessica yellin, so much more to talk to you about. we'll check in later, but thanks so much. >>> as we wait for republicans and democrats to come to the microphones, one democrat just left the meeting, he's going to be joining us next. sten to thesy progressive customers. i plugged in snapshot, and 30 days later, i was saving big on car insurance. with snapshot, i knew what i could save before i switched to progressive. the better i drive, the more i save. i wish our company had something this cool. you're not filming this, are you? aw! camera shy. snapshot from progressive. test-drive snapshot before you switch. visit progressive.com today. to volunteer to help those in need. when a twinge of back pain surprises him. morning starts in high spirit
and the way they agreed to it is they paid down $24 billion on the deficit. remember, congress agreed to these major spending cuts, right? >> that's two months down the road, so even that is kind of a little bit anti-climactic. it is like, my god, the fiscal cliff, the fiscal cliff. we'll deal with it in two months. jessica yellin, so much more to talk to you about. we'll check in later, but thanks so much. >>> as we wait for republicans and democrats to come to the microphones,...
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so it adds to the deficit and only is willing to raise taxes on millionaires and above and that is getting through the senate. so what you're saying the reverse is true when you look at the house. boehner can pass the senate bill tomorrow as harry reid said today, but he doesn't want to do it with democrats and he wants a majority of the majority. is there anything wrong? wouldn't you like a bipartisan coming together here and everybody's in this? >> it would not be at all, and any of the plans at all, joy. and they campaign on three to one spending on we haven't seen anything like that come out of the senate. and they will not do anything to come out of the senate. >> john boehner can't get his own caulk us to take a vote on his idea to only raise the tax rates. he can't even get his own caucus to do that and he's been humiliated over and over by his own caulk us and he can solve it tomorrow. >> joy ann, harry reid hasn't passed a budget in years. >> he's passed a solution to this crisis. we're talking about the fiscal cliff. >> it hasn't got ensigned into law. there's no success yet ther
so it adds to the deficit and only is willing to raise taxes on millionaires and above and that is getting through the senate. so what you're saying the reverse is true when you look at the house. boehner can pass the senate bill tomorrow as harry reid said today, but he doesn't want to do it with democrats and he wants a majority of the majority. is there anything wrong? wouldn't you like a bipartisan coming together here and everybody's in this? >> it would not be at all, and any of the...
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it's about slowing spending and deficit reduction. >> make no mistake. there will be real damage. we'll be squeezing people who deserve better. we'll scramble to find budget reductions in a way that sense. sometime in hours, days, weeks ahead. we will get a semi-balanced small agreement. mr. speaker, we don't have a trillion dollar debt because we haven't taxed enough. we have a trillion dollar debt because we spend too much. that was ronald reagan in 198 # 2. president reagan led america out of recession. history has a way of repeating itself. somehow washington never gets the message. >> president obama said he would push for a bill that would actually -- what it would do is include a renewal of the unemployment extension of the bush tax cuts for middle class americans who make less than $250,000 a year. some of us will be watching the ball drop in times square. we may hear the gauntlet drop on capitol hill. live in the newsroom. back to you. >> thank you, derek. >> we are also counting down to 2013. hundreds of thousands of people will bring in the new year in times square. org
it's about slowing spending and deficit reduction. >> make no mistake. there will be real damage. we'll be squeezing people who deserve better. we'll scramble to find budget reductions in a way that sense. sometime in hours, days, weeks ahead. we will get a semi-balanced small agreement. mr. speaker, we don't have a trillion dollar debt because we haven't taxed enough. we have a trillion dollar debt because we spend too much. that was ronald reagan in 198 # 2. president reagan led america...
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that's really the centerpiece of our deficit and debt challenge. but in the short term that is over the next year or two, i don't think we ought to be tackling the budget deficit. we have huge unemployment, a lot of underutilized capacity in this country. it's exactly the wrong time to embrace austerity economics. ali, if i can just make one more point. that is one thing that really worries me about this current agreement as it is being structured is it doesn't deal with the debt ceiling. there is no agreement on the debt ceiling, which means you're going to have beginning next week or even sooner, republicans and democrats engaged in the same sort of trench warfare we've had for years over raising the dents. and that debt ceiling. without an agreement, we're back to square zero. >> we agree on that point. great to see you both. thanks for staying up with us and happy new year to both of you. hope we don't have to talk again tonight. >> one of the main stumbling blocks in the fiscal cliff negotiations was that no-tax pledge most republicans signed
that's really the centerpiece of our deficit and debt challenge. but in the short term that is over the next year or two, i don't think we ought to be tackling the budget deficit. we have huge unemployment, a lot of underutilized capacity in this country. it's exactly the wrong time to embrace austerity economics. ali, if i can just make one more point. that is one thing that really worries me about this current agreement as it is being structured is it doesn't deal with the debt ceiling. there...
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we'll be increasing the deficit. it is just, i think, hard to step back and take in the totality of congressional failure around this issue. >> well, let's talk about what exactly is likely to happen or is the threat of what will happen. talk about the pentagon. talk about federal workers. talk about obviously the unemploy unemployed whose benefits are going away. >> absolutely. the biggest -- the most dangerous thing, the fiscal cliff is the unemployment insurance. if we go over for a month we can sort of trick everything else. we can -- the irs can do some tricks to make it so you don't feel tax increases quickly. we can do tricks to make it so we don't lay off people at pentagon, we can furlough them. there's no trick with unemployment insurance. if we go over the cliff and don't do anything by unemployment insurance, 2 million people, hardest hit by the recession, will lose their unemployment insurance. that's number one. we're going to have the payroll tax cut expire, that's probably going to happen if we do rea
we'll be increasing the deficit. it is just, i think, hard to step back and take in the totality of congressional failure around this issue. >> well, let's talk about what exactly is likely to happen or is the threat of what will happen. talk about the pentagon. talk about federal workers. talk about obviously the unemploy unemployed whose benefits are going away. >> absolutely. the biggest -- the most dangerous thing, the fiscal cliff is the unemployment insurance. if we go over...
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about half a trillion in cuts, over ten years, we're doing that every five months when it comes to the deficit. $100 billion more person month that we spend over what we take in. you have to have bigger cuts on the table to get republicans to come along. >> we're only paying for 40% of what we spend today. it's interesting to see and what the futures are doing right now. very thinly traded at this hour on a friday evening it would be interesting to see and what they signal in terms of where we stand, now that we've heard from the president and some sort of modest optimism from both leader reid and minority leader mitch mcconnell. >> tyler, we want to go back to eamon javers. >> you just said when will we hear now from the president again? nbc news is tweeting that barack obama will appear as a guest on "meet the press" this weekend. when we will hear from the president again will be sunday morning. something to watch out for over the weekend. presumably, we'll get incremental details on what this deal is. as this is negotiated throughout friday night, into saturday and the president's appearan
about half a trillion in cuts, over ten years, we're doing that every five months when it comes to the deficit. $100 billion more person month that we spend over what we take in. you have to have bigger cuts on the table to get republicans to come along. >> we're only paying for 40% of what we spend today. it's interesting to see and what the futures are doing right now. very thinly traded at this hour on a friday evening it would be interesting to see and what they signal in terms of...
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we need to reduce our deficit. and so it's important to ask folks at the very top to go back to paying their clinton-era rates on the amount of income above $ 250,000. and tom was right about that. >> i'm not trying to get him into trouble. i don't see it that way. you couldn't get me in any more trouble. but seriously, republicans need to step back here, take a breath and say, look, we couldn't make the bush tax cuts permanent for anybody, when bush was press we had both houses. we're on the verge of getting at least 80%, maybe more, for at least 98% of the american people. that's a huge win. and once that revenue is off the table it's going to be very hard for democrats to ever put it back on the table. it actually forces them towards spending and entitlement reform in places they're historically uncomfortable. >> chris would you be more comfortable if we went back to those rates to consider a simpson-bowles overall tax reform? is that just gone? you know, the rate there was 28%. once you get back to 39% isn't it
we need to reduce our deficit. and so it's important to ask folks at the very top to go back to paying their clinton-era rates on the amount of income above $ 250,000. and tom was right about that. >> i'm not trying to get him into trouble. i don't see it that way. you couldn't get me in any more trouble. but seriously, republicans need to step back here, take a breath and say, look, we couldn't make the bush tax cuts permanent for anybody, when bush was press we had both houses. we're on...
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deal, if it's to be reached, will not be the so- called grand bargain with trillions of dollars of deficit lionction. in fact, jeff, it's not even clear this deal-- again, if there is one-- would stop the across-the-board spending cuts ulr the defense department and peher government programs. it looks like those cuts will go forward. what the president said today is 24 hours from now the senate leaders have to have a plan that deals with income taxes at a rate to be determined later, the threshold of that income-- and some federal benefit. and if they don't reach a deal, he will have his own plan "b." >> if we don't see an agreement hetween the two leaders in the senate, i expect a bill to go on the floor, and i've asked senator reid to do this, put a eill on the floor that makes tare that taxes on middle class families don't go up, that unemployment insurance is still ploylable for two million people, and that lays the dioundwork then for additional deficit reduction and economic growth steps that we can take in ane new year. but let's not miss this deadline. neat's bare minimum that we s
deal, if it's to be reached, will not be the so- called grand bargain with trillions of dollars of deficit lionction. in fact, jeff, it's not even clear this deal-- again, if there is one-- would stop the across-the-board spending cuts ulr the defense department and peher government programs. it looks like those cuts will go forward. what the president said today is 24 hours from now the senate leaders have to have a plan that deals with income taxes at a rate to be determined later, the...
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that's an 8% budget deficit to gdp. we're in the same realm as spain. we're not -- we do not have good optics here. i think it's going to get worse before it gets better. >> craig, you know, i understand that we need a real good kick in the pants, in the fiscal pants if you like, right, to get this house in order. at the same time, if we go over that cliff, this is real money to real people. this is money being taken out of people's paychecks. this is some people losing their unemployment benefits. all kinds of things could happen. how bad could it be? >> well, it certainly could be bad. just as an example of that, if you look at the payroll tax cut alo alone, that doesn't seem to be on the board. that could be an increase in the gasoline tax of $1.25 a gallon. there will be effects, but that has to happen at some point. we've been living on sugar high for too long now. at some point we have to get back to fiscal discipline. there's going to be some pain involved. >> craig, politicians don't get re-elected by not giving out candy. they get elected by gi
that's an 8% budget deficit to gdp. we're in the same realm as spain. we're not -- we do not have good optics here. i think it's going to get worse before it gets better. >> craig, you know, i understand that we need a real good kick in the pants, in the fiscal pants if you like, right, to get this house in order. at the same time, if we go over that cliff, this is real money to real people. this is money being taken out of people's paychecks. this is some people losing their unemployment...
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weeks the republicans and democrats have been trying to reach a deal on how to reduce the national deficit if they don't billions of dollars in tax hikes and spending cuts automatically come into effect on january the first activist and journalist says it's not the deadlock that bothers him but what has already been agreed upon. the real problem in my eyes is not the fact that they can't reach an agreement but rather that they have reached an agreement on many fundamental things the grievance they have reached is that neither of them are going to advocate to put more money in the hands of working people they have no problem whatsoever removing a trillion dollars or two trillion dollars from the economy and delivering it to the bankers they did that inside of twenty days back in two thousand and eight and again in two thousand and nine with very little discussion. everyone agrees on both sides of the aisle that sums sort of reduction in benefits from social security and medicare is inevitable quote unquote well you know the rest of us don't believe that it's inevitable or even that it's nec
weeks the republicans and democrats have been trying to reach a deal on how to reduce the national deficit if they don't billions of dollars in tax hikes and spending cuts automatically come into effect on january the first activist and journalist says it's not the deadlock that bothers him but what has already been agreed upon. the real problem in my eyes is not the fact that they can't reach an agreement but rather that they have reached an agreement on many fundamental things the grievance...
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so all of this takes place against a debate about how to reduce the budget deficit. that's why you get into this theater of the absurd. >> well, and look at the tape you showed at the opening of the program with keith boykin over and over again showing the dysfunction of congress. they made this so onerous with the belief it would make them do something less onerous and now they're right up against it. >> they really know how to make these crises happen. political correspondent and writer, john howard, thank you very much for joining me and former labor secretary robert reich, thank you for joining me tonight. >>> coming up, the nra has done much more damage than you think. and they've made gun ownership much harder to trace. >>> and the romneys keep trying new explanations for why mitt lost. but they aren't getting any closer to the truth. and as some of you on twitter already know, i am wearing a christmas gift or two on the show tonight. there is still time to tweet your guesses about what it is. the answer to what christmas gift or gifts am i wearing is coming up
so all of this takes place against a debate about how to reduce the budget deficit. that's why you get into this theater of the absurd. >> well, and look at the tape you showed at the opening of the program with keith boykin over and over again showing the dysfunction of congress. they made this so onerous with the belief it would make them do something less onerous and now they're right up against it. >> they really know how to make these crises happen. political correspondent and...
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. >> they say the biggest priority is making sure they deal with the deficit in a significant way. they are behaving in a way that they're only priority is that the tax breaks for the wealthiest americans are protected. blacks mitch mcconnell is vowing to find out. -- >> mitch mcconnell is vowing to find out. >> can the senate veteran help congress tumble to a deal on the last day? >> if we do go off the fiscal cliff, congress would be more likely to make a deal. members could claim they are cutting taxes. >> thank you. if america does fall off the fiscal cliff on the first of the year, maryland would be hit hard. hundreds of millions of dollars and tens of thousands of jobs lost. >> we have a lot of federal workers and businesses that rely on the federal government. many are watching the negotiations closely. if partisan politics prevail and they cannot reach a deal, americans in maryland will burden will -- will be burdened. legislativent of observances had a report about what the impact would be. if we fall off the fiscal cliff. maryland will lose $178 million in funding next ye
. >> they say the biggest priority is making sure they deal with the deficit in a significant way. they are behaving in a way that they're only priority is that the tax breaks for the wealthiest americans are protected. blacks mitch mcconnell is vowing to find out. -- >> mitch mcconnell is vowing to find out. >> can the senate veteran help congress tumble to a deal on the last day? >> if we do go off the fiscal cliff, congress would be more likely to make a deal. members...
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it ought to be about reducing the deficit and the debt, and what they are essentially suggesting is we want new taxes. we want higher taxes on people in this country to pay for new spending. >> so what happens next? with us nbc news capitol hill correspondent mike vic rah and nbc news white house correspondent kristen welker. mike, let's get started with you. what's happening right now in the senate. i understand there's an update on the chained cpi. >> reporter: they say the darkest hour right before the dawn, melissa. everybody ought to hope that's true, at least if you don't want to see your taxes go up on midnight on monday and tuesday night because everything seems to be at a standstill right now. let's review the bidding. here it is from a republican source here on the republican side of capitol hill. all day yesterday they were trading proposals back and forth. by his count two democratic offers came back to republicans and four came back from republicans to democrats. the last one being at 7:00 last night, and, boom, after that, things pretty much came to a standsti standstill.
it ought to be about reducing the deficit and the debt, and what they are essentially suggesting is we want new taxes. we want higher taxes on people in this country to pay for new spending. >> so what happens next? with us nbc news capitol hill correspondent mike vic rah and nbc news white house correspondent kristen welker. mike, let's get started with you. what's happening right now in the senate. i understand there's an update on the chained cpi. >> reporter: they say the...
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cut the deficit. however, we can cut the deficit by taxing the wealthy more and $250,000 is wealthy. they also will not consider cutting corporations loopholes or raising taxes on corporations. they will not consider cutting military even though we have gotten out of one war. if we cut poor people top fund military corporations and the wealthy we're going to hurt our economy. it's going to -- our economy is going to tank. host: that is joeian. once again, waiting for house to come back -- they are in recess subject to the call of the chair. as our guests of the "washington times" told us when they come back into the session, the rules committee has to come back first to create the rules for the current senate bill or amend the bill. we have a lot going on today on this first year of 2013. this is the current 112th congress. the new congress gets seated, 113th congress gets seated on thursday. a lot of these members that are taking part in the discussion will not be in the next congress. so that new co
cut the deficit. however, we can cut the deficit by taxing the wealthy more and $250,000 is wealthy. they also will not consider cutting corporations loopholes or raising taxes on corporations. they will not consider cutting military even though we have gotten out of one war. if we cut poor people top fund military corporations and the wealthy we're going to hurt our economy. it's going to -- our economy is going to tank. host: that is joeian. once again, waiting for house to come back -- they...
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goes to the deficit in reality. it seems to me that that number comes up and is a political situation and what congress is really saying is that i am going to pander to the 98% because if i go to 125%, i will upset more of the electorate. i was listening to david brooks this morning and his comments that the real dysfunctional people are not necessarily congress, but the american people who are prepared to pass these deficits on to our grandchildren. >> have you looked at how any tax increases might affect you? had you planned for that at all? caller: i am comfortable enough, i am planned -- and i plan to give more. i would hope that most people in my financial situation would be prepared to do that. >> the democratic line is next, california. donna, hello. caller: i would like to state -- i think that one of our biggest problems is that the republican party has sold us out to grovers inquest. i think that everyone who took that pledge should be fired from the congress. they took an oath of office first. they have g
goes to the deficit in reality. it seems to me that that number comes up and is a political situation and what congress is really saying is that i am going to pander to the 98% because if i go to 125%, i will upset more of the electorate. i was listening to david brooks this morning and his comments that the real dysfunctional people are not necessarily congress, but the american people who are prepared to pass these deficits on to our grandchildren. >> have you looked at how any tax...